Kumar Mangalam Birla Calls for Faster Economic Reforms to Boost Investments

New Delhi: Kumar Mangalam Birla has urged for the speedy economic reforms to attract more investments in India from home and abroad. The chairman of the Aditya Birla Group, in his speech at a business event, said that timely policy reforms can help accelerate the growth rate of businesses and make India even more appealing for investors.

India has demonstrated economic buoyancy amidst uncertainties, Birla said. But he thinks there are other reforms, including tax, infrastructure, manufacturing and ease of doing business, that can further boost investor confidence.

Stable government policies, as well as quicker approval processes are key in the case of companies contemplating significant investments, Birla said. He said if there were fewer delays and less red tape, businesses would be able to finish their projects more efficiently and be able to create more employment opportunities.

The business leader also pointed to the increasing consumer market and the availability of skilled manpower in India as an area of strength. He stated that these benefits have already won top international companies over, but reforms could enable India to be even more competitive with other fast-growing economies.

Birla congratulated the reforms that the country has been undergoing in the areas of digital infrastructure, manufacturing and financial reforms in recent years. Meanwhile, he indicated that furthering the development of logistics, exports and industrial policies would help the economy grow in the long term.

It’s generally acknowledged that policy stability is a key consideration for investors in long-term business decisions. They think that stable laws stimulate businesses to invest more in factories, research, technology and employment.

The Aditya Birla Group, which already has a pan-Indian presence, is committed to further growth in diverse areas such as cement, metals, financial services, telecom, chemicals, fashion and renewable energy. The company is still optimistic about its growth prospects in India in the long-term and will continue to invest in India, Birla said.